Labour's lead over the Conservatives has increased to four points in the aftermath of the European and local elections.

The latest Opinium/Observer poll shows 35% of voters would vote Labour, up two points since a fortnight ago, and 31% Conservative, down one point since the European and local elections.

The result will be a relief for Ed Miliband after suggestions a few weeks ago that the Tories were taking the lead after a series of indicators gave good news on the economy.

Ukip saw no change in the wake of their surge in the recent elections and remained on 19% and the Lib Dems dropped a further point to 6%.

However, both Miliband and David Cameron saw their personal approval ratings fall by the same amount, with 35% approving of Cameron and 23% of Miliband. Nigel Farage was the only leader to see an increase in his rating which stands at 36%.

However, voters report more positive views on the economy than they did a year ago. Three times as many people call the state of the economy "good" – 28%, compared to 9% last year. Barely half as many thought it "bad" with 35% as opposed to 66% a year ago.

Opinium Research carried out an online survey of 1,950 UK adults aged 18+ from 3 to 5 June 2014. Results have been weighted to nationally representative criteria. Due to rounding, figures don't total 100%. Photograph: Guardian

On who voters trust most to handle the economy, Cameron and the chancellor George Osborne remain in the lead with a 12 point advantage over Miliband and shadow chancellor Ed Balls. Of those polled 33% said they trusted the Tories to handle the economy and 21% said they had more trust in Labour.